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SOFIA - MORE ATTRACTIVE FOR FOREIGN INVESTMENT

Friday, 03 January 2020

At the end of 2019 Sofia pointed out some facts and testimonials of its growing attractiveness for foreign investment - a sure incentive for the development of the tourism sector. In 2019 the Financial Times referred to Sofia as “an irresistible destination”: “Sofia’s longstanding reputation as a center for technical excellence, alongside its traditions in data management and artificial intelligence and its emergence as the technology capital of the Balkans have turned it into an irresistible destination”. In line with this recognition, in April 2019, the Financial Times opened a technology center with 110 employees in Sofia.

In fDi Magazine, Global Markets editor Sebastian Shehadi defined Bulgaria in 2019 as the poorest EU country, which "is attracting more and more foreign investment in the Information and Communications Technology (ICT) Sector, leading to an increase of cross-border investment."

Facebook and the World Bank are among the other investors in Sofia whose companies opened offices for ICT services in the Bulgarian capital in 2019.

It is no coincidence that Sofia is the European city with the highest GDP growth per capita for the last 10 years and third in Europe in terms of the number of startups in ICT.

More than one in every 10 employees in Sofia work in the ICT sector, and over the last five years, the software sector has grown by 120%. As a city of innovation and new technologies, the Bulgarian capital has a large number of talented people in the field of technology and product development.

Their high qualifications, one of the fastest broadband internet connections in the EU, a flat tax rate of 10% on corporate profit and personal income, competitive labor costs and living expenses and the domestic market growth turn Sofia and Bulgaria into a global cybersecurity development center.

In 2019, Sofia was one of eight cities in the EU chosen to host the first European supercomputers – the largest EU investment in Bulgaria's scientific infrastructure. The State of the European Tech 2018 report ranks Sofia second among the 10 fastest growing technology hubs in Europe. Welcome to Sofia!

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